OREANDA-NEWS. State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' and Open Joint Stock Company Belvnesheconombank (OJSC Bank BelVEB) signed a credit agreement.

The agreement provides for Vnesheconombank to extend loan facilities worth 16.7 million US dollars to OJSC Bank BelVEB to fund exports of Russian high-technology products.

On behalf of Vnesheconombank the agreement was signed by Deputy Chairman Anatoly Ballo and on behalf of OJSC - by acting Board Chairman Oleg Prokhorchik.

Funds received by Bank BelVEB are to be extended to OJSC the Minsk Automobile Plant - a managing company of BELAVTOMAZ holding (the Republic of Belarus) to pay for engines of internal combustion and power plants manufactured by OJSC Avtodiesel (the Russian Federation).

Extending loan facilities by Vnesheconombank to fund foreign customers of Russian-made products contributes to increased trade turnover between the Russian Federation and foreign countries.

At present, several dozens of large and medium-sized export projects are being examined by Vnesheconombank, with VEB's participation share being more than 260 billion rubles. Vnesheconombank's loan portfolio to fund exports (as of the end of December 2013) is more than 120 billion rubles. From December 1, 2012 to December 24, 2013 the volume of export financing increased by 2.5 times, the volume of loan portfolio increased by six times and the volume of guarantee portfolio increased by almost 2.3 times.